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Harry Banga, genial vice-chairman emeritus of Hong Kong-headquartered resources and commodities group Noble, is considering expanding Fleet Management, the ship management firm he bought for US$75 million from Noble last week.

Chimbusco Pan Nation Petro-Chemical, an offshoot of PetroChina, has had a 64,200 deadweight tonne cargo ship arrested in Hong Kong. Owned by Maruba, Argentina's largest privately owned shipping company, the panamax ship Decurion was held over unpaid fuel bills running into millions of US dollars.

More buyers are out looking for bargains in the bulk-shipping market, a report from London says.

The Clarkson Shipping Intelligence Weekly report said its Clarkson bulk-carrier price index had risen 4 per cent over the past few weeks, with the price of some Panamaxes rising as much as 15 per cent.

Jinhui Holdings' 50.9 per cent owned subsidiary has amended a vessel deal reducing the purchase price by 23 per cent. Under the new agreement, they will now buy a Handymax size vessel, instead of a Panamax size vessel.

Orient Overseas (International) has entered into a contract with China Shipping Corp for the construction of two 5,500 twenty-foot equivalent units post-Panamax container vessels. The consideration for the two vessels is about US$120 million.

The demand for Panamax newbuildings remains strong despite a turbulent second quarter which reduced rates by US$3 per deadweight tonne (dwt) on the US Gulf-Japan grain run, according to a research report.